Underwriting service assistants can work in a variety of different industries to help determine what financial services someone qualifies for. They should plan to obtain a bachelor's degree in a finance-related field of study. The U.S. Bureau of Labor Statistics (BLS) predicts a decrease in job opportunities for underwriters through 2024.
Underwriting service assistants provide research and clerical support to underwriters who determine whether clients qualify for insurance policies, loans or other financial services. Job duties vary, but often include gathering financial and statistical information and writing quote letters with information provided by the underwriter. Underwriting service assistants often hold bachelor's degrees with training in finance and insurance. They learn from senior underwriters and may advance to underwriting positions.
|Required Education||Bachelor's degree in finance or related field is most common|
|Projected Job Growth (2014-2024)||-11% for insurance underwriters*|
|Median Salary (2016)||$40,558**|
Sources: *U.S. Bureau of Labor Statistics (BLS), **PayScale.com.
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Underwriting Service Assistant Job Description
The term underwriting is generally defined as a process conducted to evaluate a client's eligibility for a product, such as a loan, mortgage or insurance policy. Underwriting service assistants work for underwriters in the banking and insurance industries. Job duties vary for each field. According to the BLS, insurance carriers employed 60% of all underwriters in 2015.
Underwriting Service Assistants in the Banking Industry
Though the duties of a banking underwriting service assistant depend on experience, customer support and data entry are typical requirements. An assistant works in the underwriting department organizing and arranging loan approval packages. This entails reviewing consumer and residential loan applications, including gathering credit history and other relevant background information, such as cash flow records and debt to income ratio data.
Insurance Industry Underwriting Service Assistants
Insurance underwriting service assistants provide support for health, life, mortgage, property, and casualty insurance underwriters. The underwriting assistant collects financial and statistical information for the insurance underwriter to use to determine if insurance can be provided to an individual or organization. If so, they input relevant data and prepare quote letters and other required policy documentation.
Underwriting Service Assistant Salary Info
Underwriting service assistants' salaries vary by industry and location. PayScale.com reported in January 2016 that most underwriting assistants earned between $29,519 and $55,837, with a median salary of $40,558.
Underwriting service assistants may be promoted to underwriter after gaining experience and earning professional credentials. Continuing education is essential for underwriters to keep abreast of changing government aid programs and tax regulations. The median annual salary of insurance underwriters was $65,040 in 2015, and the largest industry hiring underwriters is the insurance industry, says the BLS.
The BLS projects a decline for underwriters during the 2014-2024 decade due to technological advancements in automated underwriting, but the BLS projects that jobs for insurance claims and processing clerks, including underwriting assistants, will decrease by 11% during the same period.
Those who are interested in underwriting might consider becoming an underwriter service assistant to start with, as they can learn the trade from other professionals. They should seek out a bachelor's degree in finance and consider which industry their skills and interests would be best suited to. The median salary for assistants is about $40,000, while underwriters could make about $65,000 per year.